LONDON – Barclays has set aside another 700 million pounds ($915 million) to cover compensation claims for mis-sold payment protection insurance as it announced the completion of a drive to restructure the bank to focus on Britain and the U.S.
Barclays on Friday reported a net loss of 1.21 billion pounds for the first half of 2017, compared with a profit of 1.11 billion pounds in the same period last year. That includes a charge of 2.2 billion pounds to cover losses on its African business, which Barclays is selling as part of the restructuring.
Excluding the African losses, Barclays posted pretax profit of 2.34 billion pounds, up 13 percent from a year earlier.
Chief Executive Jes Staley says Barclays "can now focus on what matters most to our shareholders: improving group returns."